MIM on Arb has depegged to 0.91. The old issue of insufficient liquidity pool depth has struck again, and the irony of unstable stablecoins is fully dialed up.

Blockaid issued a community alert stating that the stablecoin Magic Internet Money (MIM) experienced a de-pegging event on the Arbitrum network, with prices in executable trade paths dropping to the $0.91 to $0.92 range. Blockaid indicated that this deviation was mainly caused by insufficient liquidity pool depth and liquidity imbalance on Arbitrum.